Earlier this month, I was in Nigeria for some meetings. One of the most striking things about the country’s economic situation was the parallel currency market. Despite a seeming end to the controversial dollar peg in June, the naira continues to sell for different prices in different places.Officially, it...

The labor market is tightening. Wages are rising. And yet, despite very aggressive monetary policy efforts, United States central bankers have been unable to hit their inflation target. For more than 4 straight years, the Federal Reserve’s preferred measure of inflation has been below its target of 2%....

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